The CFTC filed and settled charges against a certified public accountant for failing to audit a financial group in accordance with CFTC Regulation 1.16 ("Qualifications and Reports of Accountants"). Jeannie Veraja-Snelling was the auditor for Peregrine, an FCM whose CEO, Russell Wasendorf, was convicted of fraud in July 2012 in connection with a shortfall of approximately $200 million. The CFTC alleges that Wasendorf was able to commit and conceal his fraud because Peregrine lacked proper accounting controls. Furthermore, the CFTC found that Veraja-Snelling's audits of Peregrine were not

The NFA released a notice to members outlining reporting requirements for the Labor Day holiday. The regulatory filings are as follows: Daily segregated, 30.7 secured, cleared swaps customer collateral and daily forex statements prepared as of August 30, 2013 are required to be submitted by noon on September 3, 2013; Daily segregated statements are not required to be prepared as of September 2, 2013; Daily 30.7 secured, cleared swaps customer collateral and forex statements are required to be prepared as of September 2, 2013 and are required to be submitted by 12:00 noon on September 3, 2013

The Board of Governors of the Federal Reserve System ("FRB") published a final rule in the Federal Register implementing Section 318 ("Funding") of the Dodd-Frank Act. The new rule directs the FRB to collect assessments, fees, or other charges equal to the total expenses the Board estimates are necessary or appropriate to carry out its supervisory and regulatory responsibilities. See: 78 FR 52391. See also: FRB Issues Final Rule Establishing Large Financial Companies' Annual Assessment Fees (August 16, 2013); Three Federal Bank Agencies Seek Comment on Dodd-Frank Act Stress Test Guidance for

The CFTC issued a no-action letter providing time-limited relief to SDs and MSPs from compliance with CFTC Rule 23.502 ("Portfolio Reconciliation") provided that the SDs and MSPs intend to comply with comparable EMIR rules. CFTC Letter 13-50 extends from August 23 to September 15, 2013 the relief from portfolio reconciliation provided by CFTC Letter No. 13-45, contingent upon (i) the SD or MSP intending to comply with the EMIR rules that come into effect on September 15 and (ii) the SD or MSP satisfying the other conditions set forth in CFTC Letter No. 13-45. See: CFTC No-Action Letter 13-50

The Futures Industry Association ("FIA"), the Futures and Options Association ("FOA"), and FIA Asia announced the completion of the final bylaw changes needed to form FIA Global. The three associations also announced the founding members of the FIA Global board of directors. See: FIA Global Press Release.